This is True.
An example of this would be the sentence "Time flies like an arrow, and fruit flies like a banana"
Ambiguity here would be in the word "flies" because it can mean "to fly" and then it would imply that time goes forward quickly like an arrow, or it could mean "fly - the bug" which would then make "time flies" a type of a fly that likes an arrow, similarly to fruit flies who like a banana.
